Tasmea (TEA) H1 2026 earnings summary

Executive summary

• Underlying EBIT for the half year reached $44.3 million, up 36% year-over-year, driven by organic growth and acquisitions, with a margin of 13.7% (up 0.5%).

• Revenue for H1 FY26 rose 62.4% year-over-year to $400.5 million, with WorkPac contributing $77.4 million from December 2025.

• Net profit after tax for the half was $22.3 million, with underlying NPAT at $26.6 million, up 32% from the prior year.

• Integration of WorkPac is well advanced, creating a new Workforce Solutions segment, with $2 million in annual cost synergies identified and over 140 specialist roles recruited.

• Recurring, maintenance-led revenue model underpins earnings resilience and predictability.

Financial highlights

• Statutory EBIT was $40 million, up 12% from the prior period; underlying EBIT margin improved to 13.7% (ex-WorkPac), up 50bps year-over-year.

• Revenue excluding WorkPac was $323 million, with 31% growth year-over-year.

• Earnings per share increased 19% to 10.6cps; basic EPS was 8.88cps (down from 12.32cps year-over-year).

• Interim dividend of 6.0cps, up 20% year-over-year, with a payout ratio of ~35%.

• Underlying free cash flow was $26.5 million, with 130% EBIT to cash conversion in H1 FY26.

Outlook and guidance

• FY26 guidance reaffirmed: $117 million EBIT and $72.5 million NPAT, representing 57% and 37% year-over-year growth, respectively.

• 93% of FY26 forecast revenue is secured, recurring, or tendered, with over $340 million for H2 delivery.

• Organic EBIT growth expected to accelerate in H2 FY26, supported by over 100 executed MSAs and cross-selling initiatives.

• Strong pipeline of programmatic acquisitions and industry tailwinds in mining, electrification, and infrastructure.

• Integration of WorkPac progressing as planned, with full cost synergy benefits expected in FY27.